The Central Bank of Nigeria (CBN) has officially debunked claims circulating on social media about the introduction of new ₦5,000 and ₦10,000 naira notes, clarifying that no such denominations are being launched.
The Viral Misinformation
The false claim—originally shared via Facebook posts on April 2—alleged that the CBN would roll out the new notes starting May 1, citing the move as a strategy to ease Nigeria’s “cash challenges.” The posts featured:
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A fake CBN press release, falsely signed by a “Dr. Ibrahim Tahir Jr.,” claimed to be a deputy governor of the apex bank.
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Fabricated images of the supposed banknotes, featuring Nigerian national icons Obafemi Awolowo and Nnamdi Azikiwe.
However, there is no CBN official by that name, and the bank has firmly distanced itself from the content.
CBN’s Official Response
Shortly after the misinformation spread, the CBN took to its official X (formerly Twitter) and Instagram accounts, warning Nigerians not to fall for the scam.
“This content is NOT from the Central Bank of Nigeria,” the posts read, accompanied by a screenshot of the fake message labeled “fake content.”
Clarifying the Facts
As of now, the ₦1,000 note remains the highest denomination in circulation, according to the CBN’s official website. The central bank has made no announcement—formal or otherwise—about introducing higher denominations.
Local media also quoted a separate CBN statement reinforcing that the bank has not issued any such directive, nor does it recognize the identity of the so-called signatory on the fake document.
Stay Alert, Stay Informed
This incident serves as a reminder for Nigerians to verify any financial updates directly through CBN’s official channels and trusted news outlets, rather than social media forwards or unverified platforms.
Fact Check Verdict: False.
Claim: CBN introduced ₦5,000 and ₦10,000 notes.
Truth: No such announcement has been made. The circulated content is fake.
